Monday, November 03, 2008

Spain Lets Jobless Postpone Half of Mortgage Payments

Nov. 3 (Bloomberg) -- Spain will allow unemployed workers to put off paying half their monthly mortgage payments for two years, Prime Minister Jose Luis Rodriguez Zapatero said today, part of a series of measures aimed at softening the impact of a shrinking economy.

The postponed payments, up to a maximum of 500 euros ($640) a month, will be repaid from January 2011 in installments, Zapatero told a news conference in Madrid today. The measure, which applies to mortgages under 170,000 euros ($218,000), could be used by more than 500,000 people, he said.

While the government will guarantee the payments due from 2011, the banks will bear the cost of the two-year postponement, said a spokeswoman at the Finance Ministry, who declined to be identified in line with policy.


Anonymous said...


Anonymous said...

Such things won't happen here. Here they give you one off vouchers, rebates, discounts on the one hand while raising prices for their monopolitic services eg electricity, transport, telecom, housing, etc on the other hand which is not one off but need to be paid regularly.

You got problem, go and beg the MP for help and to get some one off help.

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